Transfer to Kasikorn account

[SteveK]

Hello,

 

I am trying to transfer a small sum of money into a Kasikorn account to pay a deposit, and have gotten myself a bit confused (not particularly difficult). I am transferring from a UK account via online banking.

 

I have got the account number, no problems.

 

The issue is with the swift code:

 

I was going to use KASITHBK.

 

Until - I saw that swift codes are meant to have a branch identifier on the end. So should it be KASITHBK123?

 

I do know which branch the account is at (Ubon) but can't find anything on the net at all.

 

Does anyone know if it will go through OK with just the 8 digit code?

 

Thanks in advance.

[Crossy]

No need to use a branch code so KASITHBK will do the job, ensure the name and account number are exactly as used in the account documentation. 

 

If your sending bank insists on a branch code add xxx to the end of the SWIFT and all should work.

[poanoi]

i hope some update on how it worked out,

i may also have to transfer money like this but know nada about how to

[HampiK]

I always used "KASITHBKXXX" and never had a problem.

[SteveK]

29 minutes ago, Crossy said:

No need to use a branch code so KASITHBK will do the job, ensure the name and account number are exactly as used in the account documentation. 

Should I write the name in Thai or English?

[Crossy]

4 minutes ago, pr9spk said:

Should I write the name in Thai or English?

Is there an English version shown on the bank book. If not my office colleagues tell me "it doesn't matter too much so long as the account number is correct" (no warranty implied or inferred on this).  

 

I doubt that your UK sending bank will accept non-roman characters in the "name" field anyway.

[thedemon]

The first 3 digits of the 10 digit account number is the branch code

 

Here is a partial list of KBank branch codes: Branch_234_FCD.pdf

[thedemon]

1 hour ago, Crossy said:

Is there an English version shown on the bank book. If not my office colleagues tell me "it doesn't matter too much so long as the account number is correct" (no warranty implied or inferred on this).  

 

I doubt that your UK sending bank will accept non-roman characters in the "name" field anyway.

 

That's true. The English transliteration of a Thai name doesn't matter too much. You see it all the time when using internet banking. After submitting an account number for a transfer the next page will show the name in English from the bank's system which is often spelt completely differently than that persons ID card.

 

The same is true in reverse.

[KhunBENQ]

From the Kasikorn site:

Quote

SWIFT is a code that banks and financial institutions worldwide use to transmit messages between each other, such as international fund transfers; the protocol is serviced by the Society for Worldwide Interbank Financial Telecommunication. The SWIFT code is 8-11 characters long and comprises alphanumeric characters, e.g., KASITHBKXXX, which can be defined as follows:

• Characters 1-4: Bank code, e.g., KASI = Kasikornbank
• Characters 5-6: Country code, e.g., TH = Thailand
• Characters 7-8: City code, e.g. BK = Bangkok
• Last 3 digits: Bank branch code, where XXX is used to indicate headquarters

XXX will do it, as the inward transfers will go through headquarters anyway and the branch is coded in the first three digits of the account number.

 

https://www.kasikornbank.com/en/international-business/global-money-transfer/Pages/inward.aspx

 

Name in roman script as shown in the bankbook of the recipient.

[grkt]

Does the bank call you when transferring large amount ?

 

 

[Golden Triangle]

2 hours ago, grkt said:

Does the bank call you when transferring large amount ?

 

 

Never had a problem transferring money from the UK to my Kasikorn account, only ever used KASITHBK, when I moved about 40k GBP a few years back they did call me to advise me of the exchange rate.

 

[Suradit69]

4 hours ago, Golden Triangle said:

they did call me to advise me of the exchange rate.

"They" being your UK bank??

You had your UK bank transfer baht? 

 

Not a a good idea because of poor rates and because the deposit would be in baht, it wouldn't be regarded as a foreign exchange transaction as far as your Thai bank was concerned. Better to transfer in your home currency and not involve the nonThai bank in exchange rates.

[Golden Triangle]

12 minutes ago, Suradit69 said:

"They" being your UK bank??

You had your UK bank transfer baht? 

 

Not a a good idea because of poor rates and because the deposit would be in baht, it wouldn't be regarded as a foreign exchange transaction as far as your Thai bank was concerned. Better to transfer in your home currency and not involve the nonThai bank in exchange rates.

No, Kasikorn from BKK called me.

 

I transferred GBP

 

[Captor]

It is sheaper to use TransferWise. I have used them 4 times. Big amounts and small. No problem and very cheap. And quick!

[grkt]

1 hour ago, Captor said:

It is sheaper to use TransferWise. I have used them 4 times. Big amounts and small. No problem and very cheap. And quick!

 

And can you get the document to invest the money in a condominium here ?

 

 

[prakhonchai nick]

7 hours ago, Captor said:

It is sheaper to use TransferWise. I have used them 4 times. Big amounts and small. No problem and very cheap. And quick!

Me too Always use Transferwise. Money in Kasikorn same day and at a higher rate that the Kasikorn TT quoted TT rate, + without Kasikorn's fees of of 0.25% (min 200baht, max 500baht) + 0.1% + the audacity of a 20 baht fee to transfer the money from their Head office to your branch (this latter payment may now  not apply)

[Captor]

22 hours ago, grkt said:

 

And can you get the document to invest the money in a condominium here ?

 

 

I don´t know what documents you are thinking about? You will get documents about the transfer the rest you have to do with the bank where the money is transfered to.

[HampiK]

8 hours ago, Captor said:

I don´t know what documents you are thinking about? You will get documents about the transfer the rest you have to do with the bank where the money is transfered to.

He want's to know if you can become a FET (Foreign exchange transfer) form. Because it seems the money to the bank then not come from outside the country. Maybe someone who already have done it can bring more details on that. As this would be an important questions. Also for bring the money back out of Thailand this letter will help.

[5633572526]

On 5/8/2018 at 11:44 PM, Captor said:

It is sheaper to use TransferWise. I have used them 4 times. Big amounts and small. No problem and very cheap. And quick!

If you use Bangkok bank transferring through their New York branch is half the price of transferwise. Instructions for doing this are on Bangkok banks website.

 I have been doing this for 4 years now.

for USA only

[Captor]

14 hours ago, HampiK said:

He want's to know if you can become a FET (Foreign exchange transfer) form. Because it seems the money to the bank then not come from outside the country. Maybe someone who already have done it can bring more details on that. As this would be an important questions. Also for bring the money back out of Thailand this letter will help.

No, it is only saying to whom the money are sent and address and bank. But there is a transfer number

and maybe it is possible the get a FET with that. Transferwise for sure have the information. I could call them and ask if you want. If they can send that in addition. The closest office for me is in Germany. Let me know if you are serious in using them and I give them a call.

[grkt]

39 minutes ago, Captor said:

No, it is only saying to whom the money are sent and address and bank. But there is a transfer number

and maybe it is possible the get a FET with that. Transferwise for sure have the information. I could call them and ask if you want. If they can send that in addition. The closest office for me is in Germany. Let me know if you are serious in using them and I give them a call.

 

Really interested also. Thanks.

 

[Captor]

Hi

I have now called TransferWise and they did not know anything about this because they are only tranfering the money. However, you have to contact the receiving bank for that document after the transfer. This is what I found on internet (Phuket Silk Properties) about this:

 

"The first step to obtain a correct Foreign Exchange Transaction Form starts when making the bank transfer from your bank in your home country. The transfer should mention your name either as the sender, or as the receiver, or at the very least in the purpose of the transfer. It should also clearly mention the purpose of the transfer, usually as "To purchase ....". Once the transfer made, you must contact the receiving Thai bank to obtain the Foreign Exchange Transaction Form. While the receiving Thai bank will always report international bank transfers of more than 50,000 USD to the Bank of Thailand, you must request the form from the bank for your own personal use. It's important not to wait for too long, as the banks won't keep such records once they become too old, therefore it's best to ask for it as soon as it is received and keep it somewhere safe. If you are sending the funds directly to the Seller's account, remember that it will be up to the Seller (the account owner) to request the form, and he must do so in person, therefore it does require advance planning and care."

 

About the first step above:

On both the Deposit Note (when doing the transaction) and the Transfer Confirmation (after the transaction is finished) from TransferWise it is stated from who (name and adress) the money comes. And for what purpose if you wrote that in the reference field then that is stated too. So from TransferWise´s side everything should be clear and OK.

It is the local bank in Thailand you have to deal with about FET. If the amount is more that 50 000 USD.

 

I guess if sending below 50 000 USD there is no need for this. Maybe you can send back several times and then avoid the FET?

 

TransferWise should not be the problem getting the FET.

The 2 documents from TransferWise together with the balance statement from your bank in the home country should do it. Maybe you must show all 3 in the Thaibank? I can not answer on that one.

I myself will ask for a FET when next time in Thailand. I did not know about the FET before now. I don´t know for how long time the bank is keeping the records. It is 6 months ago. Maybe I still can. We will see.

 

Anyway, I hope this helps you making a decision what service to use.

 

I have seen that you can transfer money with XE Currency Converter as well. I guess there are several companies having this service out there. But TransferWise are great because you are actually able to talk to them. I think that is important.

[grkt]

1 hour ago, Captor said:

Hi

I have now called TransferWise and they did not know anything about this because they are only tranfering the money. However, you have to contact the receiving bank for that document after the transfer. This is what I found on internet (Phuket Silk Properties) about this:

 

"The first step to obtain a correct Foreign Exchange Transaction Form starts when making the bank transfer from your bank in your home country. The transfer should mention your name either as the sender, or as the receiver, or at the very least in the purpose of the transfer. It should also clearly mention the purpose of the transfer, usually as "To purchase ....". Once the transfer made, you must contact the receiving Thai bank to obtain the Foreign Exchange Transaction Form. While the receiving Thai bank will always report international bank transfers of more than 50,000 USD to the Bank of Thailand, you must request the form from the bank for your own personal use. It's important not to wait for too long, as the banks won't keep such records once they become too old, therefore it's best to ask for it as soon as it is received and keep it somewhere safe. If you are sending the funds directly to the Seller's account, remember that it will be up to the Seller (the account owner) to request the form, and he must do so in person, therefore it does require advance planning and care."

 

About the first step above:

On both the Deposit Note (when doing the transaction) and the Transfer Confirmation (after the transaction is finished) from TransferWise it is stated from who (name and adress) the money comes. And for what purpose if you wrote that in the reference field then that is stated too. So from TransferWise´s side everything should be clear and OK.

It is the local bank in Thailand you have to deal with about FET. If the amount is more that 50 000 USD.

 

I guess if sending below 50 000 USD there is no need for this. Maybe you can send back several times and then avoid the FET?

 

TransferWise should not be the problem getting the FET.

The 2 documents from TransferWise together with the balance statement from your bank in the home country should do it. Maybe you must show all 3 in the Thaibank? I can not answer on that one.

I myself will ask for a FET when next time in Thailand. I did not know about the FET before now. I don´t know for how long time the bank is keeping the records. It is 6 months ago. Maybe I still can. We will see.

 

Anyway, I hope this helps you making a decision what service to use.

 

I have seen that you can transfer money with XE Currency Converter as well. I guess there are several companies having this service out there. But TransferWise are great because you are actually able to talk to them. I think that is important.

 

But the problem is that the way transferwise works, the money doesn't really comes from abroad.

It is transferred from their account in Thailand.

 

 

 

[Captor]

Yes technically the money they are sending to the Thaibank comes from someone else in Thaialnd who want to send money the other way. Technically I guess the money bounds in a TransferWise account for a short while.

But It is still my money. I don´t know if this is a problem?

If you find something regarding that please let us know.